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Forbes
19 minutes ago
- Business
- Forbes
Forbes Daily: Rising Cocoa Prices Lead Hershey To Raise Candy Prices
Americans are in more debt than ever, but so far, borrowers are holding up fine, Synchrony's financial results show. Inflation threatens to derail that. The financial performance of the Connecticut-based bank offers a window into the health of U.S. consumers, since the firm says one in every four American adults has a Synchrony card—it offers co-branded credit cards and point-of-sale loans for customers like Sam's Club, Lowe's and PayPal. After the pandemic caused a spike in default rates, the bank's CEO Brian Doubles said more customers are now paying back their loans than expected. But while Doubles was optimistic about growth this year, one analyst says the bank's customers are particularly vulnerable to inflation because many have below-average credit Trump Organization has not announced any deals in Abu Dhabi yet, but there have been plenty of signs to suggest it has plans to make a move in the capital of the United Arab Emirates. It's part of a slew of recent overseas Trump projects, all of which represent an about-face for the president, who hung onto ownership of his assets during his first term but stuck them in a trust and promised to launch no new ventures abroad. 'It's gone so far as to be whatever is the direct opposite of government ethics—I suppose we'd call that corruption,' said Walter Shaub, who led the Office of Government Ethics in President Donald Trump's first term before stepping down and speaking out. Columbia University on Wednesday announced that it has agreed to pay $221 million to settle multiple civil rights investigations opened by the Trump Administration, which accused the university of failing to combat antisemitism on campus. The university said the agreement 'preserves Columbia's autonomy and authority over faculty hiring, admissions, and academic decision-making,' while President Trump praised the university for 'agreeing to do what is right.' Photo by Beata Zawrzel/NurPhoto via Getty Images Tesla reported its worst revenue decline in more than a decade Wednesday, as Elon Musk's political activities continue to weigh on the company's bottom line. The EV maker attributed the downturn to a 13% decline in vehicle deliveries in the second quarter and less cash from selling regulatory credits, though analysts have expressed some optimism after the company's limited robotaxi rollout in Austin, Texas. It was harder to sell a small business last quarter, data from online marketplace BizBuySell shows, as buyers were cautious about higher interest rates, tougher loan rules and overall economic stability. The median sale price also fell by 6% on a year-over-year basis, but some sectors were more impacted than others: Service-oriented businesses like healthcare and construction continue to attract buyers, while manufacturing took a sharp hit. Record high home prices and elevated mortgage rates are tamping down real estate demand, as sales of existing homes fell 2.7% in June, according to data from the National Association of Realtors. The median existing-home price reached an all-time high of $435,000, and NAR Chief Economist Lawrence Yun said years of undersupply are driving the record prices. TECH + INNOVATION Vanta cofounder and CEO Christina Cacioppo Katie Thompson Security and compliance software company Vanta said Wednesday it raised $150 million, valuing the startup at $4.15 billion. The firm, cofounded by CEO Christina Cacioppo, who is on Forbes' list of America's Richest Self-Made Women, seeks to automate businesses' security compliance processes, through both continuous monitoring and real-time reports with the help of AI. Google parent company Alphabet exceeded expectations for its second-quarter earnings, spurred by its cloud and search business, though shares remain relatively flat for the year. Experts have mixed expectations for the company's stock ahead of a looming antitrust ruling that could force a sale of its Chrome browser. MONEY + POLITICS U.S. Attorney General Pam Bondi Photo byIn the latest update to a quickly escalating crisis for the White House, the Wall Street Journal reported that Attorney General Pam Bondi told President Donald Trump he was named multiple times in the Epstein files at a routine briefing in May. Officials reportedly told Trump the files contained rumors about him and other high-profile figures who socialized with Epstein in the past. Trump had a long association with the disgraced financier before Epstein pleaded guilty to sex crimes in 2008. In a 2-1 ruling, the 9th U.S. Circuit Court of Appeals upheld a lower court ruling that blocked President Donald Trump's order seeking to end birthright citizenship, deeming it unconstitutional. In its majority opinion, the court said that the executive order 'contradicts the plain language of the Fourteenth Amendment's grant of citizenship to 'all persons born in the United States.'' Wednesday's ruling will likely set up a future hearing by the Supreme Court. TRENDS + EXPLAINERS President Donald Trump's battle with universities has focused on elite private schools, but the impacts on higher education as a whole have been sweeping: In the first six months of the Trump Administration, federal agencies—primarily the National Institutes of Health and the National Science Foundation—canceled more than 4,000 grant awards worth an estimated $7 billion at over 600 colleges and universities. Among the 10 states that have lost the most funding per student, four are red and six are blue, a new report from the left-leaning think tank Center for American Progress shows. DAILY COVER STORY Former Citigroup Chair Sandy Weill's New $100 Million Gift To Harness AI For A West Coast Cancer Hub Philanthropists Joan and Sandy Weill Walter Zarnowitz/UCSF Sanford 'Sandy' Weill, the former CEO and chairman of banking giant Citigroup, and his wife Joan have been big donors to medical research on both coasts of the U.S. Now, the couple are taking it up a notch. On Wednesday, two Bay Area universities—University of California, San Francisco and Stanford University—announced a $100 million gift over 10 years from the Weill Family Foundation for a new cancer hub that is designed to advance cancer research and treatment via four specific projects. The gift, a matching grant, has the goal of raising an additional $100 million for the new initiative, called the Weill Cancer Hub West. A quarter of the matching funds have already been raised, the universities said. Sandy Weill, who retired as Citigroup CEO in 2003 and as chairman in 2006 and dropped off Forbes' billionaires list in 2022 as a result of his charitable giving, is now 92 years old and devoting most of his time to philanthropy via he and Joan's $425 million (assets) charitable foundation. Though the death rate from cancer has fallen by about a third in the past quarter century, cancer is still on the rise, with almost 20 million new cases annually and about 10 million deaths globally each year. The Weill Cancer Hub West will harness recent promising developments to tackle cancer. One project will use the gene editing tool CRISPR to engineer immune cells inside the body by injecting the CRISPR machinery into a patient, deliver it to a patient's immune cells, and reprogram those cells to go after the cancer. Another project, in the area of cellular therapy, aims to build weaponized cells that are personalized to each patient to go after solid tumors—like breast cancer or pancreatic cancer. WHY IT MATTERS 'This donation comes at a time when funding for more than 1,000 grants from the National Institutes of Health has reported to have been cut off and a debate continues on dramatically reducing their budget,' says Forbes assistant managing editor Kerry Dolan. 'Though extraordinary progress in cancer treatment has been made in recent decades, there's still much to accomplish. Plus, private funding like the grant from the Weills' foundation enables the two universities to take more risk than they would likely be able to with government funding.' MORE How This New Biotech Billionaire Outmaneuvered Merck In China FACTS + COMMENTS Prices on a number of Hershey's candy products will soon increase due to a surge in cocoa prices. The iconic American chocolate company will also adjust each container's weight and quantity: From the low teens to 20%: The size of the price hikes, which will vary 90 days: The amount of time it typically takes higher prices to materialize at retailers, according to a spokesperson $15 million to $20 million: The hit Hershey expects to take from President Donald Trump's wide-ranging tariff policies this year STRATEGY + SUCCESS Modern society places an emphasis on perseverance, but sometimes it's better to know when to walk away. Don't stick with something just because you invested time and money into it—if you spend time on something, it takes away from doing something else that you may be more passionate about. Quitting may be another path to self-improvement. VIDEO QUIZ An upcoming film from Amazon MGM Studios will feature portrayals of several billionaires. Who is actor Ike Barinholtz in talks to play in the comedy-drama Artificial ? A. Bill Gates B. Sam Altman C. Jeff Bezos D. Elon Musk Check your answer. Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.


Forbes
2 hours ago
- Business
- Forbes
Latest HELOC & Home Equity Loan Rates: July 24, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home's value and pay that amount back in monthly installments. A home equity line of credit is a variable-rate second mortgage that draws on your home's value as a revolving line of credit. Both options use your property as collateral for your payments, which means your lender can seize your property if you can't repay what you borrow. Ideal for Medium-Sized Projects A $100K HELOC is suitable for more extensive renovation projects or other significant financial needs. Compare the rates and terms to find the best fit for your situation. Access More Funds for Major Investments For larger projects or investments, a $250K HELOC provides the necessary funds with various LTV options. Explore these rates to determine the right balance between borrowing capacity and risk. Maximize Your Borrowing Power If you have substantial equity in your home and need significant financing, a $500K HELOC offers a great deal of borrowing power. Evaluate these options to find the optimal rate and term for your goals. A 5-year term offers a shorter repayment period with typically higher monthly payments. These products are suitable for borrowers looking for a quicker payoff. With a 10-year term, borrowers can enjoy a balanced monthly payment while still building equity quickly. 10-year home equity loans are ideal for medium-sized projects or financial needs. A 15-year term provides lower monthly payments compared to shorter terms, offering more affordability while still progressing toward your financial goals. Offering longer repayment and lower monthly payments, 20-year home equity loans are suitable for larger investments and long-term financial planning. The 30-year term maximizes affordability with the lowest monthly payments. These options are best for substantial borrowing needs and long-term investments. The more home equity you have, the higher your net worth rises. Building wealth is vital to having long-term financial health, and home equity is one way to build wealth. Every time you make a mortgage payment, you increase your home equity, or how much you own of your home. The more equity you have, the more wealth you amass. HELOC rates are tied more closely to banks than are first-mortgage rates, which tend to track the performance of the bond market. The Federal Reserve , which controls the interest rates that banks charge each other, has signaled to investors that it expects to raise those rates several times in 2022 and beyond. A home equity loan is a lump-sum loan that allows you to borrow money by leveraging your home's equity. The maximum amount you're allowed to borrow is based on how much equity you have in your home, up to the amount offered by that lender. These types of loans tend to have competitive interest rates since they're secured loans. Your home is used as collateral to secure the loan, meaning if you miss or fall behind on payments, you could face foreclosure.


South China Morning Post
9 hours ago
- Business
- South China Morning Post
Why is Hong Kong law soft on predatory lending and debtor harassment?
Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@ or filling in this Google form . Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification The issue of licensed moneylenders in Hong Kong engaging in illegal practices demands urgent attention. While some operate within legal boundaries, others exploit borrowers with extortionate interest rates and coercive collection tactics, often skirting the law. What is deeply concerning is how society and even the authorities appear to have normalised these practices to an extent reminiscent of Stockholm syndrome. When lenders are not overtly harsh, their actions are often deemed acceptable, as if civility excuses illegality. This mindset must change – what is wrong is wrong, regardless of the lender's demeanour. The Money Lenders Ordinance is outdated and ill-equipped to address current predatory practices. Interest rates, sometimes effectively exceeding 48 per cent, trap borrowers in cycles of debt, particularly those in vulnerable situations who are not familiar with local lending practices. Many borrowers are willing to repay loans if terms are fair and collection methods lawful. Yet, the lack of stringent caps on interest rates and the weakness of enforcement against illegal practices enable exploitation to thrive.


CBS News
16 hours ago
- Business
- CBS News
$10,000 6-month CD vs. $10,000 high-yield savings account: Here's which could earn more interest
The concept of giving up access to your money in today's economic climate can be daunting for many. After all, inflation just rose in June (for the second month in a row) and borrowing costs remain elevated thanks to higher interest rates. With stock market uncertainty still a concern, too, foregoing access to your funds may not make sense right now. And that's what will be required if depositing money into a certificate of deposit (CD) account. In exchange for a high, fixed interest rate, savers will need to keep their funds in the account untouched or risk having to pay an early withdrawal penalty. Depositing $10,000 into this account type, then, may not seem advantageous on the surface, especially when there are alternative accounts that won't mandate this loss of access. A high-yield savings account, by comparison, has rates competitive with the highest CD accounts and it functions similarly to a traditional savings account, meaning you'll maintain the ability to make deposits and withdrawals. On the other hand, these accounts have variable rates that will change over time based on market conditions. When faced with both account types, then, savers should pause before depositing their $10,000. To better determine which account is advantageous, they can calculate their potential interest earnings. Below, we'll do the math. Start earning more interest on your money with a high-rate CD account here. It's easy to calculate the interest earnings on a CD account because it has a fixed rate. Determining the interest on a high-yield savings account is more difficult because the rate there will change over time, potentially to a significant degree. Here's what both account types could earn with a $10,000 deposit tied to today's available interest rates, assuming the CD account isn't hit with an early withdrawal penalty and that the high-yield savings account rate remains the same for the full six months: Not only will the CD account earn around $8 more than the high-yield savings account, but that return is guaranteed, while the high-yield savings account's return is not. And with the chances of rate cuts being issued later in 2025 significant, savers here should expect the rate they open their high-yield savings account with this July to be lower by the end of the year. In other words, if you can afford to keep your funds in the CD untouched for the full six months, the return will likely outweigh what the high-yield savings account can offer now. Get started with a top CD account online today. Money market accounts also come with high interest rates now (around 4.30% according to Bankrate). They won't require you to lock your money away the way a CD would, and they'll offer benefits a high-yield savings account won't (like check-writing services). But the caveat here remains the same as the high-yield savings account: A money market account has a variable interest rate that's likely to decline in the months to come. Between the three account types, then, a CD becomes the clear best choice for those savers looking to earn as much guaranteed interest on their $10,000 deposit as possible right now. Both CDs and high-yield savings accounts offer savers a critical benefit right now: The chance to earn a high interest rate on their money. But only a CD guarantees that return. So, if you want to both protect and grow your money and want to take a break from worrying about today's constantly evolving interest rate climate, a CD account may be worth exploring now.
Yahoo
20 hours ago
- Business
- Yahoo
Refinancing your ARM into a fixed-rate mortgage
Key takeaways If you're nearing the end of your ARM loan's initial fixed-rate period and your rate will rise significantly, you might be considering refinancing to a fixed-rate mortgage. A fixed-rate mortgage provides more predictability, as the interest rate and your monthly payment stay the same for the loan's duration. You'll need to meet ARM refinance requirements to apply, and it's a good idea to compare offers from multiple lenders — not just your current lender. If you're nearing the end of the initial term on your adjustable-rate mortgage (ARM), you might be wondering if now is a good time to refinance to a fixed rate. Here, we break down how to refinance an ARM and when it's a good idea to refinance to a fixed rate. Can you refinance an ARM loan? Yes, you can refinance an ARM loan. By doing so, you'll replace your existing mortgage with a new one — it can be either another ARM or a fixed-rate mortgage. A fixed-rate mortgage is a home loan with an interest rate that stays the same for the entire loan term, usually 15 or 30 years. This means your monthly principal and interest payments never change, which can make payments easier to plan for. Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership With an ARM, many people choose to refinance due to their rate adjusting higher. However, it's important to remember that refinancing isn't free — you'll have to pay closing costs. So, even if you're refinancing to a much lower rate, it's smart to calculate your break-even point to determine when you'll start saving money. Keep in mind: You don't have to stick with your current lender when refinancing an ARM. Be sure to shop around to get the best rates and terms. How to refinance an ARM Refinancing an ARM is very similar to refinancing a fixed-rate mortgage. Here are the basic steps to follow: Compare quotes: Don't just refinance with your current lender without shopping around first. Research multiple lenders and get quotes on rates, fees and terms that you can compare to find the best offer. Choose a lender and apply: Gather all of your financial documents and submit the paperwork and application to the lender of your choice. Schedule the appraisal: Like most mortgage loans, refinances generally require a home appraisal. Go through underwriting and close: The lender's underwriting process will verify your finances. Once everything is in order, assuming your loan is approved, you'll schedule a closing date to sign the paperwork and pay the closing costs. Lenders typically offer specific mortgage refinancing loans, so you'll use their refinance application form to apply. The fact that you already own the home can simplify the process. Requirements for refinancing an adjustable-rate mortgage Before you start the process, make sure you meet the requirements. The specific criteria may vary by lender, but here are some common requirements to refinance a mortgage, whether to another ARM or a fixed-rate loan: Credit score: Conventional loans generally require a credit score of at least 620. DTI ratio: To refinance, your debt-to-income ratio should be below 50 percent. Equity percentage: You typically need to maintain a minimum of 20 percent equity (though some lenders will allow less). Duration of ownership: In most cases, before a mortgage can be refinanced you'll need to make at least six payments on the loan — meaning you need to have lived there for at least six months. Learn more: ARM loan requirements in 2025 Costs of refinancing an ARM Remember: Refinancing isn't free. Before switching from an ARM to a fixed-rate loan, make sure you understand how much it costs to refinance a mortgage. You'll need to budget for a number of expenses, including: Origination fee Appraisal fee Title services On the plus side, refinancing costs often total far less than the closing costs on a home purchase loan. While many of the costs are fairly similar, you'll skip a few when you refinance. For instance, you won't be paying for a home inspection, and you likely won't need to pay for an attorney. Similarly, unless you're tapping equity, some fees will be lower since they're calculated as a percentage of the loan amount. Benefits of refinancing an ARM to a fixed-rate mortgage Fixed-rate mortgages keep the same mortgage rate throughout the entire loan term. ARMs are more complex: An ARM is a 30-year loan with a fixed rate for an introductory period (typically three to 10 years). After this period, the rate adjusts every six months or once per year, based on a specific market index. While ARMs may offer an initial lower rate than a fixed-rate loan, once that introductory rate ends, your payment can go up significantly. Here are the main benefits of refinancing an ARM to a fixed-rate mortgage: Your payments are always the same: A fixed-rate mortgage gives you the certainty of predictable payments. Rather than wondering how the market and economic trends will impact your adjustable rate — and consequently your monthly payments — you can rely on a consistent cost that won't change over the course of the loan. You can budget more easily: With a fixed-rate loan, the stable sum you put toward your major housing cost allows you to more effectively budget for the other expenses in your life, both now and in the future. You still have options: If a 30-year mortgage sounds like a lifetime, you can also look at a 15-year fixed-rate mortgage. The interest rates on this type of loan are even lower than the rates for a 30-year fixed loan, but the tradeoff is that you'll have higher monthly payments due to the accelerated timeline. Downsides of refinancing an ARM Refinancing an ARM to a fixed-rate mortgage isn't always the right choice. Here are some of the potential drawbacks to consider: You'll need to pay closing costs: Even though closing costs on a refinance are typically lower than a purchase loan, they can still cost thousands — and reduce (or delay) the benefits you'd expect from refinancing. You might lose out on savings: If you refinance to a fixed-rate loan and rates drop, you won't see any of the interest rate savings you would have gotten on your ARM. It could take longer — and cost more — to repay your mortgage: If you extend your loan term as part of the refinance, you could end up paying more in interest over the life of your mortgage. Plus, it'll delay your payoff date. Should you refinance an adjustable-rate mortgage (ARM) to a fixed-rate mortgage? Can you refinance an ARM loan? Sure. But should you? Today's high mortgage rates might make this less appealing if your ARM originated back in the pre-pandemic days. 'It's possible for borrowers who got their ARM five years ago to still have a lower monthly payment and pay less in interest during the first year or two of rate resets than what they would pay on a new mortgage at today's rates,' says Austin Kilgore, analyst for lender Achieve's Center for Consumer Insights. And there are limits to the increases, too. 'While interest rates are significantly higher today than they were five years ago, the rate resets on an existing ARM have both an annual cap, typically 1 to 2 percent per year, and a maximum cap, typically 5 to 6 percent over the life of the loan,' he adds. On the other hand, if your introductory rate is about to end, refinancing might make sense — the rate jump you might experience could be a shock. If you can secure a lower rate on a fixed-rate loan than the rate your ARM is about to adjust to, choosing to refinance an ARM to a fixed rate could be a smart move. How to decide to refinance To find out whether refinancing your ARM loan would be beneficial, consider the following: Your credit score: You need a great credit score to get the best interest rate. 'Someone coming up on the end of an ARM presumably has five or more years of timely mortgage payments on their credit history,' says Kilgore. 'There's a good chance their credit score is better now, and they may qualify for something better.' If your score needs some work, however, you may want to wait. Your financial goals: Before applying, determine why you want to refinance. For instance, do you want to pay off your mortgage sooner, have a more predictable payment or cash in some of your equity for home improvements or debt consolidation? Your long-term plans: How long do you intend to stay in the home? Weigh that against your ARM timeline. For example, if you only plan on staying in your home for a few more years and your ARM won't reset until after that, it might make sense to stick with your current loan, since you may not save enough to make refinancing worth it. Your ability to afford closing costs: Refinance closing costs can run anywhere from 2 to 6 percent of your mortgage principal. That means, for a $300,000 mortgage, you may pay $6,000 to $18,000 in closing costs. You can roll these into your mortgage with a no-closing-cost refinance, but if you do that, remember that you'll pay interest on them. FAQ What is the most obvious disadvantage of an ARM? The main disadvantage of an ARM is that your interest rate can increase after the introductory period ends — and can change again every six months or every year going forward. If the rate goes up, you'll have to put more money toward your monthly mortgage payments, which might mean putting other financial goals on hold or cutting back in certain areas of your life. What happens if the interest rate on an adjustable-rate mortgage loan goes up? If the interest rate on an ARM goes up, your monthly payment will also increase — and you'll end up paying more interest over the life of your loan. When should you refinance to an ARM? Refinancing to an ARM might make sense if you want a lower rate right now — especially if you plan to sell your home in the next several years (or at least before the introductory period ends). You might also consider this option if you need more affordable payments now, but you'll be able to handle larger ones down the road — when you go to work after getting a grad school degree, for example. You can also refinance an ARM to another ARM if you like, as long as you meet the lender's requirements.